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Mumbai , Aug. 30

THE Simbhaoli Sugar Mills Ltd is coming out with a rights issue. The issue opens on September 9 and closes on October 8.

Mr Sanjay Tapriya, Director (Finance), said that 87,84,622 equity shares of Rs 10 each would be offered for cash at a premium of Rs 50 (issue price of Rs 60) per equity share on rights basis to the existing equity shareholders of the company in the ratio of four equity shares for every five equity shares (4:5) held as on August 26 (record date) aggregating to Rs 5270.77 lakh.

The funds so raised would be deployed to part finance the capital expansion plan already under way to expand existing plant capacity from 7,500 TCD to 9,500 TCD at Simbhaoli (Western UP) and to service its long-term working capital needs, he said.

The company is expanding its Chilwaria Unit (Eastern UP) capacity from 3,800 TCD to 6,000 TCD.

The company has announced setting up of a new sugar plant in Brijnathpur village in Ghaziabad district (UP), the funding plan of which will be disclosed shortly.

The new plant will start sugar production in October 2006.

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